@shearman I have been thinking the same. I think of it as a niche offering with an opportunity of $10-20m Government, $10-20m Corporate and $10-20m Nof-For-Profit/Charity (although unclear how much traction CardHero is getting).

But it is not all about TAM. If it can create a focused $30-60m revenue business, with a high margin and profit, and pay dividends, then it could still be worth owning. Sometimes good business get destroyed in pursuit of growth.

I hope it satys focused, Fintech and Payments is very competitive and you can get big without making any money.

Disc: Held in RL and SM. (Small holdings in both)

@mikebrisy yeah that is my hope that they stay focused on their niche and become very profitable. I don’t think they will add much value trying to compete with the big guys and gain market share.

In terms of where they go after the GovERP project they have said that they want to target the defence force, which would be several times larger than the current federal rollout. If they do the GovERP rollout well then you would have to give them good odds of getting the defence force contract at some stage.

@mikebrisy wise words :)